5 unchanged sentences
We had cash and cash equivalents of $148.1 million as of December 31, 2022, which consisted of investments in a money market fund, cash in readily available checking accounts, and overnight repurchase investments.
−Removed: These securities, which are not dependent on interest rate fluctuations that may cause principal amounts to fluctuate, are held for reinvestment and working capital purchases or, in the case of restricted cash, to settle an escrow liability established pursuant to a business combination.
+Added: These securities, which are not dependent on interest rate fluctuations that may cause principal amounts to fluctuate, are held for reinvestment and working capital purposes or, in the case of restricted cash, to settle an escrow liability established pursuant to a business combination.
In addition, as of December 31, 2022, we held $47.9 million of fixed income securities such as U.S.
−Removed: treasury bonds, commercial paper, corporate bonds, and asset-backed securities.
−Removed: These securities are subject to market risk due to fluctuations
−Removed: in interest rates, which may affect our interest income and the fair value of our investments.
+Added: treasury bonds, commercial paper, corporate bonds, agency bonds, and asset-backed securities.
+Added: These securities are subject to market risk due to fluctuations in interest rates, which may affect our interest income and the fair value of our investments.
We classify investments as available-for-sale, including those with stated maturities beyond 12 months.
4 unchanged sentences
We do not enter into investments for trading or speculative purposes.
−Removed: At December 31, 2021, we had no outstanding borrowings.
+Added: As of December 31, 2022, we had outstanding debt of $119.4 million, which carries interest as defined in our Credit Agreement.
+Added: Refer to Note 9 of the consolidated financial statements in this 2022 Annual Report for additional details.
+Added: We assessed our exposure to changes in interest rates by analyzing sensitivity to our operating results assuming various changes in market interest rates.
+Added: A hypothetical increase of one percentage point in the interest rate as of December 31, 2022 would increase our interest expense by approximately $1.2 million annually.
Inflation Risk
−Removed: We do not believe inflation has had a material effect on our business, financial condition, or results of operations.
−Removed: If our costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.
−Removed: Our inability or failure to do so could harm our business, financial condition, and results of operations.
+Added: We are exposed to market risks related to inflation in personnel costs, third-party service providers, subcontracting costs, professional fees, and general overhead expenses.
+Added: During 2022, inflation has increased to rates beyond recent history, and as a result we have experienced rising costs.
+Added: If these inflation pressures continue or increase in severity, we may not be able to fully offset such higher costs through price increases and productivity initiatives.
+Added: While we do not believe inflation has had a material impact on our results of operations to date, continued high rate of inflation in the future may have an adverse effect on our ability to maintain operating costs and adversely affect our gross profit margin.
Foreign Currency Exchange Risk
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In addition, portions of operating expenses are incurred outside the United States and are denominated in foreign currencies.
−Removed: Decreases in the relative value of the U.S.
−Removed: dollar to other currencies may negatively affect revenue and other operating results as expressed in U.S.
−Removed: We do not believe an immediate 10% increase or decrease in the relative value of the U.S.
−Removed: dollar to other currencies would have a material effect on operating results.
+Added: An increase in the relative value of the U.S.
+Added: dollar to other currencies will negatively affect revenue and other operating results as expressed in U.S.
+Added: Based on a sensitivity analysis, a 10% change in the foreign currency exchange rates would have impacted our total revenue by approximately 3% and our operating loss by approximately 2%.
+Added: This calculation assumes all currencies change in the same direction and proportion relative to the U.S.
We have experienced, and will continue to experience, fluctuations in net loss as a result of transaction gains or losses related to remeasuring certain current asset and current liability balances denominated in currencies other than the functional currency of the entities in which they are recorded.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.